Podcast Notes Playlist: Business Podcast Notes

The skills it takes to get rich are drastically different from the skills it takes to stay rich. Few understand this phenomenon more than Morgan Housel. He's identified unique lessons about wealth, happiness, and money by studying the world's richest families and learning what they did to build their wealth and just how quickly they squandered it all.In this conversation, Shane and Housel discuss various aspects of risk-taking, wealth accumulation, and financial independence. Morgan explains the importance of understanding personal financial goals and the dangers of social comparison, lets everyone in on his personal financial “mistake” that instantly made him sleep better at night, and why the poorest people in the world disproportionately play the lottery—and why it makes sense that they do. They also touch on the influence of upbringing on financial behaviors, the difference between being rich and wealthy, and the critical role of compounding in financial success. Of course, we can’t have a writer as good as Morgan Housel on the podcast and not ask him about his process, so Housel concludes with insights into storytelling, his writing processes, and the importance of leading by example in teaching financial values to children.Morgan Housel is a partner at Collaborative Fund. Previously, he was an analyst at The Motley Fool. He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers and was selected by the Columbia Journalism Review for the Best Business Writing anthology. He's the author of two books: The Psychology of Money and Same as Ever.Watch the episode on YouTube: ⁠https://www.youtube.com/c/theknowledgeproject/videos⁠

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(00:00) Intro

(04:46) Risk and income

(07:40) On luck and skill

(10:10) Buffett's secret strategy

(12:28) The one trait you need to build wealth

(16:20) Housel's capital allocation strategy

(16:48) Index funds, explained

(20:59) Expectations and moving goalposts

(22:17) Your house: asset or liability?

(27:39) Money lies we believe

(32:12) How to avoid status games

(35:04) Money rules from parents

(40:15) Rich vs. wealthy

(41:46) Housel's influential role models

(42:48) Why are rich people miserable?

(45:59) How success sows the seeds of average performance

(49:50) On risk

(50:59) Making money, spending money, saving money

(52:50) How the Vanderbilt's squandered their wealth

(1:04:11) How to manage your expectations

(01:06:26) How to talk to kids about money

(01:09:52) The biggest risk to capitalism

(01:13:56) The magic of compounding

(01:16:18) How Morgan reads

(01:22:42) How to tell the best story

(01:24:42) How Morgan writes

(01:35:42) Parting wisdom and thoughts on success

What I learned from reading The Presentation Secrets of Steve Jobs: How to Be Insanely Great in Front of Any Audience by Carmine Gallo

What Bitcoin Did



Key Takeaways  Bitcoin is a technology for human empowerment; it enables better living through technology  You can have 100 opinions about everything that is wrong with the world, or you can focus on one thing and try to improve it; doing the latter may actually have an impact on upgrading the world The solution to entrenched, systemic problems is the introduction of a new idea that goes viral You change the world with elegant, diplomatic innovation, and not with hostile, full-frontal attacks There is serious dysfunction all over the world: the answer is not to side with one party or politician against the other; the solution is to spread the Orange Wave“Satoshi created a way. Satoshi gave it away. Satoshi went away.” – Michael Saylor   The more you know about economics and ethics, the more conservative and considerate you become about making changes to the protocol You must consider the second-order effects and unintended consequences of implementing change The focus should be on getting every powerful entity on earth to adopt bitcoin and converting potential enemies into friendsThere is an explosion in global consensus that Bitcoin is an idea whose time has come “Bitcoin is the most successful monetary protocol in the history of the world. It has gone from zero to $1.4 trillion in fifteen years. It looks like it’s on the path to go to $14 trillion, and I don’t know why it wouldn’t go to $140 trillion.” – Michael Saylor Read the full notes @ podcastnotes.org“I’m quite the optimist, I actually think that Bitcoin is going to succeed, it is succeeding, it’s succeeding as fast as it could reasonably succeed, and we ought to try to avoid the tendency to F with it.”— Michael Saylor
Michael Saylor is the CEO of MicroStrategy. In this interview, we discuss ossification, user rights, sovereignty, funding Bitcoin development, the political war over digital asset regulation, and the sly roundabout revolution.
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This episode’s sponsors:
IREN - Bitcoin Mining. Done Sustainably Swan Bitcoin - Invest in Bitcoin with Swan Bitcasino - The Future of Gaming is here Ledger- State of the art Bitcoin hardware wallet Casa - Take control of your digital wealth Oslo Freedom Forum - June 3-5 2024
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WBD817 - Show Notes
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Kevin Espiritu shares a look at his 10x growth and the physical product empire he's building in the gardening space.

Jocko Podcast



Key Takeaways  You must account for your emotional state at the time in which you make a decision Understand your instincts, and then lean in the other direction so that you are getting a more balanced approach You fail when you receive valuable feedback, but choose to ignore itDo not assume that your enemy thinks in a similar way that you do Resist black-and-white thinking; you must learn to operate in the gray areasYour team must know why they are being told to do something Do not be extreme in your assessment “Prioritize relationships. If you prioritize relationships, everything else is going to go better.” – Jocko Willink Do not underestimate your opponent’s will and do not overestimate your own willYou must have full-and-frank discussions and listen to the other sideKeep an open mind and change the course when things are not working   Read the full notes @ podcastnotes.org>Join Jocko Underground
Exploring 11 lessons in the book, "In Retrospect", to live a better more informed life.


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What I learned from reading Driven From Within by Michael Jordan and Mark Vancil.